Accsys Shares Drop After Broker Cuts Profit Forecast Despite 'Buy' Rating
Shares of Accsys Technologies Plc (AXS.L) fell by 11% to 63.60p following a trading update that revealed distributor destocking and reduced sales volumes. Panmure Liberum, the company's corporate broker, cut its profit forecasts for the year ending March 2027 but maintained a 'buy' rating with a target price of 100p. The firm lowered pre-tax profit estimates to €2.4 million from €7.7 million and reduced group revenue projections to €153.9 million from €180.4 million, citing weaker demand in the first five months of the year excluding joint venture activity. Management noted that underlying demand remains strong despite slower North American growth affecting joint venture profitability. The broker also revised down EBITDA forecasts for both the group and the joint venture due to delayed returns from new markets.
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